FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

19. Glass Company assigned $1,600,000 of accounts receivable to Koss Finance Company as security for a loan of $1,340,000. Koss charged a 2% commission on

image text in transcribed
19. Glass Company assigned $1,600,000 of accounts receivable to Koss Finance Company as security for a loan of $1,340,000. Koss charged a 2% commission on the amount of the loan; the interest rate on the notes was 10%. The amount of cash Glass Company received from Kross at the time of the assignment was: a. $1,206,000 b. $1,308,000 c. $1,313,200 d. $1,340,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting
Accounting

Authors: John Hoggett, John Medlin, Lew Edwards, Matthew Tilling, Evelyn Hoggett Hogg

6th Edition

1742466354, 978-1742466354

More Books

Students explore these related Accounting questions

Question

William R. Dillon 1 Thomas J. Madden 1 and Neil H. Firtle discuss evaluating the effectiveness of a test coupon. Samples of 500 test coupons and 5(K) control coupons were randomly delivered to...

Answered: 3 weeks ago

Question

Discuss the purpose of the matching principle, and explain the three ways in which this principle is implemented. p-635

Answered: 3 weeks ago

Question

3. Students of all ages can keep records of grades, projects completed, and extra credits earned.

Answered: 3 weeks ago

Question

Annettes Photo Shop is a retail store that sells cameras and photography supplies. Annettes Photo Shop began operations April 1, 2016. The firm purchases its merchandise for cash and on open account....

Answered: 3 weeks ago

Question

Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash...

Answered: 3 weeks ago

Question

Discuss the methods for communication for better employee scheduling

Answered: 3 weeks ago

Question

The diagram shows two finite solenoids with their symmetry axes aligned. The arrows indicate the current direction on the part of the solenoid above the page. VVVV 12. Draw the magnetic field for...

Answered: 3 weeks ago

Question

Using funds obtained through taxes on certain businesses, Superfund a. reimburses polluters who correct environmental violations. Ob. all of the choices. O c. pays for the clean up of hazardous waste...

Answered: 3 weeks ago

Question

On February 28, 2022, FDA approved the biological drug CARVYKTI (ciltacabtagene autoleucel) for the treatment of adult patients with relapsed or refractory multiple myeloma after four or more prior...

Answered: 3 weeks ago

Question

What is the equation of the given hyperbola? (2, 2) (-2, 2) (6, 2) (6, 1) X

Answered: 3 weeks ago

Question

TO DO R 2. Each of the forces here forms a couple. Calculate the Torque ("Moment") from the couple. dl-distance between gorces GN GN Y=fall =8+103) N-(for 3) re Couple =3.2x103 NM 1+4+3=8' 20bb 20 lb...

Answered: 3 weeks ago

Question

1 What is the significance of HRMs historical development in terms of the way it is regarded today?

Answered: 3 weeks ago

Question

1 IAS is an SME a small to medium sized enterprise. To what extent do you think the principles and practices of HRM are applicable to SMEs? The UK businesstobusiness marketing agency IAS (Industrial...

Answered: 3 weeks ago

Question

=+Part 2 Write three headlines in a campaign for different media: out-of-home, bus sides, magazine, or online. Make sure you use the same writing technique for each.

Answered: 3 weeks ago

Previous Question Next Question